Crude Oil Movement
Oil prices declined 2.92% against the USD for the 24 hour period ending 23:00GMT, closing at 83.43, extending its previous session losses, amid speculation that signs of a weakening US economy could lead to a drop in fuel demand.
Oil prices fell for a third successive day of losses on Monday, tumbling in tandem with other risk assets as European bank and debt jitters and doubts over global growth weighed on investor sentiment.
Investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.
At GMT 0300, Oil is trading at USD84.07 per barrel in the Asian session, 0.77% higher from 23:00GMT.
The pair has its first resistance at 85.61, followed by the next resistance at 87.16. On the other side, the first support is at 82.86, with the subsequent support at 81.66.
The pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
